Tata Power share price: Citi sees 46% upside after Q2 results, JPMorgan and CLSA remain cautious

Detailed summary

Tata Power is also undertaking a leadership transition. The company plans to appoint Sanjay Banga as its CEO and Managing Director with effect from May 1, 2027, for a five-year term.

Shares of Tata Power Company Ltd. will be in focus on Thursday, November 12, after the company reported better-than-expected Q2FY27 results, announced a leadership transition and reiterated its ambitious FY30 growth targets.

Tata Power reported a strong set of Q2FY27 numbers, with revenue, EBITDA and net profit registering healthy year-on-year growth, although EBITDA margins moderated during the quarter.

Revenue increased 27.1% to ₹19,636 crore from ₹15,444 crore in the corresponding quarter last year. EBITDA rose 11.1% to ₹3,667 crore from ₹3,302 crore, while EBITDA margin declined to 18.7% from 21.2%.

Net profit jumped 48.6% to ₹1,366 crore compared with ₹919 crore in the year-ago quarter. The reported profit also included a one-time gain of ₹119.2 crore.

Growth during the quarter was driven by contributions from Mundra, Renewables, Mumbai Transmission and Odisha distribution businesses.

The company incurred capital expenditure of approximately ₹10,000 crore during H1FY27 and remains on track to achieve its full-year capex target of ₹25,000 crore.

Tata Power is also undertaking a leadership transition. The company plans to appoint Sanjay Banga as its CEO and Managing Director with effect from May 1, 2027, for a five-year term.

Mundra power plant: The Mundra Power Purchase Agreement (PPA) matter is being heard by the Central Electricity Regulatory Commission (CERC). Tata Power signed a PPA with Gujarat on March 23, 2026.

Supplementary PPAs: The company expects other states to follow suit and enter into supplementary PPAs for Mundra.

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